Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Fair Value Weighted-Average Assumptions

The fair value of stock option awards was determined on the grant date using the Black-Scholes option-pricing model. No new options were granted during the year ended December 31, 2021. The assumptions for the Black-Scholes model for options granted during the period ended December 31, 2022 and 2020 were as follows:

	Year ended December 31,
	2022	2021
Expected term (years)(1)	6.02	5.79 - 6.02
Expected volatility(2)	48.7% - 49.0%	43.2% - 48.2%
Common Stock Value	2.92 - 3.28	6.86 - 14.13
Risk-free interest rate(3)	2.73% - 2.93%	1.79% - 2.55%
Dividend yield(4)	0%	0%

(1)Expected term is the length of time the grant is expected to be outstanding before it is exercised or terminated. This number is calculated as the midpoint between the vesting term and the original contractual term (contractual period to exercise). If the option contains graded vesting, then the vesting term would be based on the vesting pattern.

(2)Expected volatility was estimated based on comparable companies' reported volatilities.

(3)The risk-free rate is an interpolation of yields on U.S. Treasury securities with maturities equivalent to the expected term.

(4)The Company has assumed a dividend yield of zero as they have no plans to declare dividends in the foreseeable future.

Schedule of Stock Options Activity

The following table summarized the stock option activity and related information under all stock option plans:

	Number of Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)		Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 2019		11,913,780		$	0.24		8.73	$	15,707
Granted		7,393,347			0.55		—		—
Exercised		(351,037	)		0.20		—		—
Forfeited		(1,006,417	)		0.40		—		—
Expired		(147,687	)		0.27		—		—
Outstanding as of December 31, 2020		17,801,986		$	0.36		8.27	$	140,560
Exercised		(3,701,243	)		0.25		—		—
Forfeited		(242,387	)		0.41		—		—
Outstanding as of December 31, 2021		13,858,356		$	0.39		7.47	$	99,406
Granted		1,335,000			3.08		—		—
Exercised		(1,464,760	)		0.24		—		—
Forfeited		(294,513	)		0.51		—		—
Outstanding as of December 31, 2022		13,434,083		$	0.67		6.77	$	11,593
Vested and exercisable as of December 31, 2022		10,555,579		$	0.46		6.48	$	10,074
Vested and expected to vest as of December 31, 2022		13,434,083		$	0.67		6.77	$	11,593

Schedule of Restricted Stock Activity

The following table summarizes our RSU activity (includes performance-based restricted stock units) for the year ended December 31, 2022:

	Shares			Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2019		—		$	—
Granted		1,536,195			7.74
Released		—			—
Forfeited		—			—
Outstanding as of December 31, 2020		1,536,195		$	7.74
Granted		6,206,975			10.51
Released		(758,945	)		9.34
Forfeited		(353,146	)		9.83
Outstanding as of December 31, 2021		6,631,079		$	10.04
Granted		9,200,047			3.20
Released		(2,521,081	)		8.75
Forfeited		(1,364,670	)		8.45
Outstanding as of December 31, 2022		11,945,375		$	5.22

Summary of Stock-Based Compensation Expense

Total stock-based compensation expense by function was as follows (in thousands):

	Year ended December 31,
	2022		2021		2020
Cost of revenue	$	1,161	$	1,483	$	470
Research and development expenses		17,197		12,754		1,895
Sales and marketing expenses		917		371		26
General and administrative expenses		4,972		7,629		1,415
Total	$	24,247	$	22,237	$	3,806

Restricted Stock [Member]

Schedule of Restricted Stock Activity

Restricted stock activity for the year ended December 31, 2020 is as follows:

	Shares			Weighted Average Grant Date Fair Value per Share
Outstanding as of December 31, 2019		17,439,354		$	0.03
Granted		—			—
Forfeited		—			—
Vested		(17,439,354	)		0.03
Outstanding as of December 31, 2020		—		$	—